Tampa Community Sells for $57M

Royal Imperial Group acquired the 484-unit multifamily asset and plans to update amenities and apartment interiors.
Atwater at Westchase
Atwater at Westchase

A joint venture between Michaelson Group and Moncler Capital Partners has sold Moncler Isles, a 484-unit community in Tampa, Fla., for $56.7 million, per public records. Royal Imperial Group acquired the Class B property and rebranded it as Atwater at Westchase, selecting CF Real Estate Services to manage the asset.

The property last traded in 2014 as part of a $43.4 million, 746-unit portfolio transaction, Yardi Matrix shows. A joint venture led by Related Cos. was the seller.

Completed in 1983, Atwater at Westchase has studio, one- and two-bedroom apartments in 30 two-story buildings. Floorplans range from 450 to 903 square feet. Common-area amenities include two swimming pools, a fitness center, tennis courts and a car wash. The property was 92.4 occupied as of October, per Yardi Matrix data.

The new owner plans to invest in significant capital improvements. In addition to upgrading unit kitchens and flooring, Royal Imperial will update the property’s amenity package with the addition of a business center and a dog park.

Located at 6158 Beacon Isles Drive in the Westchase neighborhood, the community is 1 mile north of Florida Route 580 and some 10 miles northwest of the city center. The 27-acre property is less than 2 miles away from another Class B community which sold for $37 million in November.